Gifting cryptocurrency is a great idea as it helps someone learn about crypto and although the value fluctuates very often, it is still a good first-time investment for young people. So if you want to gift your loved ones something that can help them start investing and learn about crypto as well, here are a few methods on how to gift cryptocurrency in India.
Gift Cryptocurrency in India
Before learning how to buy cryptocurrency as a gift, let us talk about which one you should ideally gift. We recommend going with up-and-coming currencies that show future potentials like Ripple, Solana, or Cardano. We didn’t recommend Bitcoin, or Ethereum as they are very expensive and they also have high transaction fees.
There are only a few methods through which you can give someone cryptocurrencies in India and we will take you through each one briefly.
Crypto exchanges allow you to buy, sell, trade, swap, and store cryptocurrency. They are a great place to start especially for a new investor. You can set up an account for them or take them through the process of setting up one and then buy them cryptocurrency.
It will also allow them to keep track of their gift and how other currencies are performing. We recommend exchanges like CoinDCX, WazirX, and Coinbase.
Related article | CoinDCX App: How to Use, Refer, Buy and Sell Crypto, and Withdraw Money
Digital Crypto Wallets
You can set up a crypto wallet for someone whom you want to gift cryptocurrency and then just transfer coins or tokens to their wallet and them the private key to access their wallet.
This is especially a good method as it also allows you to gift NFTs as certain wallets like MetaMask and Coinbase allow you to store NFT.
Related article | MetaMask Wallet | How to Create, Setup Account, and Other Tips
Just remember to let them know to store their private key properly as losing that will lead to losing their account.
Paper or Hardware wallets
Paper wallets are similar to digital crypto wallets. You will need to set up a wallet first which allows you to print the private key and address it as a QR code. You can add funds to the wallets and then print both the QR codes for private key and address and gift it to them. They can scan the codes and have access to their funds.
Hardware wallets work like paper wallets as they grant access through QR codes or Pin codes to the wallet but they also provide more security and are expensive options.
We discussed some good ways you can gift cryptocurrency here in India. Bitcoin Gift card is also another good option as it does not require setting up an account and transferring funds but right now there are not a lot of reliable places where you can buy that from. We hope we helped you get a good idea of how you can gift cryptocurrency in India.
Also, read | Top 3 Ways to Buy and Sell NFT in India
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